The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-05-26
The Debt Controversy Continued

hS -~Nh|o OOAiuI Wv O4
On the first page of this issue will be
found the full report of the Legislative
Committee and the conclusions of the con
florence. Also circular issued by the
representatives of the bondhoders.
On Friday a resolution was adopted by
the Legislature authorizing the joint com
mittee to reply to the circular. In com d
pliance with that resolution the Commit
tee submitted the following
In pursuance of the following joint reso.
luton.
Whereas the recent accredited agents Of
the foreign bundholders (Sir Edward
Thornton and S. N. Braithwaite) have q
circular headed Virginia State Debt, y
now being circulated in Richmond. and
also made public in Richmond papers q
this morning, in which circular there APP
pears statements at variance with the final
report OF the joint committee made to the
General Assembly; and whereas the cir
cuar is calculated to make false impress
sions and produce controversy on facts
which really occurred in the conference
between the legislative committee and the
agents of the foreign bondhoders.
Resolued byt Senate (the House of Del
egates concnrring) That the joint com
mittee appointed to confer with the for
9ign bOndhOlders be instructed to examine
the circular headed Virginia State Debt, y
and report whether this circular be true,
and state definitely and accurately what
the final proposition was that the bond
holders made. The report is to be made
from the record of proceedings of the Joint
conference, and not in any way to have
further official intercourse with the agents
of the bondholders.
Your committee begs leave to say that
in the discharge Of its duty in making a
report to the Legislature of Virginia of
the several propositions made to and by
the commission representing the council
of foreign bondholders, it reported the
exact language and figures of the commits
sion. in order that no erroneous impress
sions would be created thereby and it was
loath to believe that the statement publish
ed in the morning papers, purporting to be
the complete proposition made to the leg
islative committee by the representatives
of the council of foreign bondholders was
made or published with the consent of Sir
Edward Thornton and 5. N. BraithWaite,
ESQ.,, the accredited agents of that body.
But this committee can no longer doubt
that which it was so unwilling to believe.
for it has secured copy of that circular
which gives only portion Of the final pro
position rendered by the representatives of
the council of foreign bondholderS, and yet
declares it to be the Final proposal of the
English bondholders,' signed by Sir Ed
ward Thornton and S. n. BraithWaite,
over their own sign manual.
This committee know not for Whatpu
pose partial statement of the English
fondholders' proposal was published in
this mornings papers and circulated by
hand-billS but we say the statement is
misleading and ncorrect-misleading be
| cause from it could be inferred that the
only annual revenue required by Virginia
to pay the interest on her public debt
would be $706231 !; incorrect because it
fixes the principal of the debt at the time
of redemption at $l7 ,69l ,S31, when, in fact
from the figures of the representatives
themselves in the conference, the principal
a5 the time of redemption would amount
to about $25 900, 900 (see their reply of the
= day of May, 1887, to the sub committed
whilst the annual interest required Of the
State would be 1922 ,53S.
These differences result from the omiS-
| sion to include, on the part of the English
commissioners, in their published state
| ment, all Riddleberger bonds in the hands
of the public and those held by the literary
| old unfunded, which amount to 81, 237,-
| 775.42, exclusive of the bonds held by the
commissioners of the sinking fund board
| of public works, and those held by the
| United States.
| To show how inaccurate and misleading
| the partial statement is, in contrast with
| it, we present below the correct result of
| the final proposition made to this commit
| tee:
Here follows table setting forth the
| condition of the State debt as presented
| by the joint committee. 1t is the same
| table that has already been published, only
that 1t is arranged IN somewhat different
shape than as formerly presented.
Your committee would have unhesita-
tingly accepted such a proposition as that
suggested in the circular, ha6 it represent
| ed the whole debt, and had the commits
siouers been authorized to speak for all
classes of the debt.
CHARLES +. STUART Chairman.
In public card the representatives of
the bondholders reply as follows,
RICIIMoND, MAY 90, 1887.
Dear Sir We have observed in the
public press q report signed by yourself as
| chairman, in which you refer to our circu-
lar of the 18th instant as 'fincorrect and
misleading. We take exception to these
words. Our circular is perfectly correct
and not misleading. 1t is perfectly plain
to any one of most ordinary Intelligence
that our circular did not in any way pur-
port to give the figures Of the whole debt.
The whole object of the circular, as APP
pears plainly from its heading, is to show
what are the sacrifices which the holders
of the eonsol and l040 debt, whom we pri-
| marily represent, were prepared to make,
and it is to them alone the circular refers
We are, dear sir. yours faithfully.